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| U.S. Concrete posts 2Q results Ready-mixed concrete maker U.S. Concrete, Inc. reported net income from continuing operations of $3.3 million, or $0.08 per diluted share, for the quarter ended June 30, 2008, compared to net income from continuing operations of $7.0 million, or $0.18 per diluted share, in the second quarter of 2007. For the first six months of 2008 the company reported a net loss from continuing operations of $(1.8) million, or $(0.05) per share, compared to net income from continuing operations of $1.8 million, or $0.05 per diluted share, for the first six months of 2007. Revenues in the second quarter of 2008 decreased 1.7 % to $206.0 million, compared to $209.5 million in the second quarter of 2007, reflecting lower sales volumes which were partially offset by higher ready-mixed concrete average selling prices and revenue from acquired businesses. Adjusted EBITDA was $19.2 million in the second quarter of 2008, compared to adjusted EBITDA of $26.6 million in the second quarter of 2007. This decrease was primarily due to lower ready-mixed concrete volume, higher aggregates cost, increased diesel fuel and higher selling, general and administrative expense, partially offset by higher average ready-mixed concrete sales prices and the effects of our cost control measures. U.S. Concrete's net cash provided by operations for the second quarter of 2008 was $5.0 million, compared to net cash used by operations of $1.4 million in the second quarter of 2007. write your comments about the article :: © 2008 Construction News :: home page |